Who’s more likely to rely on a financial advisor to help them manage their retirement saving, men or women?
According to a new report from the Transamerica Center for Retirement Studies, there’s no gender gap when it comes to investment advice: Men (40%) and women (38%) are similarly likely to use a professional financial advisor to help them manage their retirement savings or investments.
The majority of plan participants, regardless of gender, use some form of professionally managed offering in their 401(k) or similar plans: 57% of women and 62% of men. Men (46%) are more likely than women (34%) to use a do-it-yourself approach and set their own asset allocation percentage among the available funds.
On the other hand, retirement confidence is higher among men (68%) than women (55%), though relatively few men (19%) and women (10%) are “very” confident. Men (59%) are more likely than women (43%) to either “somewhat” or “strongly” agree that they are building a large enough retirement nest egg, though again relatively few men (21%) and women (11%) strongly agree with that sentiment.
Financial Priorities
Working men (62%) are more likely than working women (51%) to say saving for retirement is a financial priority right now. In contrast, working women are more likely than men (53% to 36%) to say “just getting by – covering basic living expenses” is a current financial priority. Indeed, women most frequently (24%) cited that as their top financial priority right now, while men most frequently cited “saving for retirement” as their top priority (29%).
In terms of the median age they started saving, men started saving at a younger age (age 26) than did women (age 28).
Among workers who participate in 401(k) or similar plan, men contribute 10% (median) of their annual pay, while women contribute 6% (median).
